FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange act of 1934
For the month of January 2003
Marsulex Inc.
111 Gordon Baker Road, Suite 300
North York, ON
M2H 3R1
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F:
Form 20-F ___X___ Form 40-F _______
Indicate whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X___
EXHIBIT INDEX
Exhibit Page No.
1 Press Release regarding Malsulex's acquisition 4
of the remaining 35% of Sulconam Inc.
Exhibit 1
N E W S R E L E A S E [LOGO]
MARSULEX ACQUIRES REMAINING 35% OF SULCONAM INC.
Montreal subsidiary has long-term contracts with Petro-Canada, Shell
TORONTO, January 2, 2003 -- Marsulex Inc. (TSX: MLX) announced today it has
acquired the remaining 35% of Sulconam Inc. for a purchase price of
approximately $9 million net of the vendor's share of the cash that had been
retained within the business. Montreal-based Sulconam, which is part of
Marsulex's Refinery Services Group, provides dedicated sulphur emission
control services to the adjacent Petro-Canada and Shell Canada oil refineries
under long-term agreements.
Sulconam's earnings before interest, taxes, depreciation and amortization
(EBITDA) are already included in Marsulex's EBITDA. For the nine months ended
September 30, 2002 the minority interest's share of Sulconam's net earnings
was $1.2 million. For the 12 months ended December 31, 2001 the minority
interest was $1.4 million.
Marsulex President and Chief Executive Officer, David Gee, said, "The long
term relationship we have enjoyed with Petro-Canada and Shell in Montreal is
an important component of our Refinery Services business. The acquisition of
the minority interest will enable us to fully integrate the business, as well
as make a positive contribution to Marsulex's net earnings."
Mr. Gee said the Montreal operation is an excellent example of the kind of
outsourcing agreements Marsulex seeks with its customers. "It is a long-term
relationship with guaranteed minimum fees and little exposure to changes in
volumes or values of by-products." In 2000, Marsulex added a new tail gas
recovery unit at the facility incorporating the Company's proprietary sodium
bisulphite (SBS) technology. As well as ensuring compliance with air quality
regulations, sales of the higher value by-product lower overall costs of
compliance for customers.
Marsulex, which is based in Toronto, Ontario, is a global provider of
outsourced environmental compliance solutions. The company's services
encompass the complete outsourcing of environmental compliance activities
including the ownership and operation of compliance assets. Website:
www.marsulex.com.
# # # #
For further information:
David M. Gee or Laurie Tugman
President and CEO Executive Vice President & CFO
Tel: (416) 496-4178 Tel: (416) 496-4157
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MARSULEX INC.
Date: January 3, 2003 By: /s/ Lucio Milanovich
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Lucio Milanovich
Director, Finance